Article 429. Preliminary agreement.
1. Under a preliminary contract, the parties undertake to conclude in the future an agreement on the transfer of property, the performance of work, or the provision of services (main contract) under the conditions stipulated by the preliminary contract. 2. A preliminary contract is concluded in the form established for the main contract, and if the form of the main contract is not established, then in writing. Failure to comply with the rules on the form of the preliminary contract entails its insignificance. 3. A preliminary contract must contain conditions that allow to establish the subject, as well as other essential conditions of the main contract. 4. The preliminary contract shall indicate the period in which the parties undertake to conclude the main contract. If such a period is not specified in the preliminary contract, the main contract shall be concluded within a year from the date of the conclusion of the preliminary contract. 5. In cases where the party that has entered into a preliminary contract evades the conclusion of the main contract, the provisions provided for in paragraph 4 of Article 445 of this Code shall apply. 6. Obligations stipulated by the preliminary contract shall be terminated if, before the expiration of the period in which the parties must conclude the main contract, it will not be concluded or one of the parties will not send the other party a proposal to conclude this contract.
Links to other articles of chapter 27. The concept and terms of the contract: